90% Increase in Revenues Over F3Q 2015
BOHEMIA, NY--(Marketwired - Nov 2, 2016) - (OTCQB: AMPG) AmpliTech Group, Inc., a leader in state-of-the-art RF Low Noise Amplifiers (LNA) and Power Amplifiers (PA) for the Domestic and International, SATCOM, Space, and Military markets, today announced its Fiscal Third Quarter. The Company achieved record revenues of $721,000, a 90% increase over the same quarter of the previous year, again substantially growing its available cash and flexibility for business development.
CEO Fawad Maqbool commented, "The team at Amplitech worked hard to produce an excellent quarter of revenue growth, and through resourcefulness, achieved outstanding profitability by continuing to find efficiencies in our manufacturing and assembly processes. With a $1 million backlog of open orders that is growing, we are excited about where our business is headed and to have such a healthy balance sheet at the same time. Our LNA line of business is in greater demand, globally, and we are hopeful to be closer to achieving our goal of funding substantial R&D efforts that can deliver newer, market-shaping products. Our knowledge of emerging trends in wireless communications, and the demands on the existing communications infrastructure, should manifest in robust growth opportunities for products that we are aggressively pursuing in R&D in 2017, and we will continue to update shareholders of our growth strategies as they emerge."
About AmpliTech Group, Inc.:
AmpliTech Group, Inc. designs, develops, and manufactures custom and standard state-of-the-art RF (Low Noise Amplifiers (LNA) and Power Amplifiers (PA) for the Domestic and International, SATCOM, Space, and Military markets. These designs cover the frequency range from 50 kHz to 40 GHz -- eventually, offering designs up to 100 GHz. AmpliTech also provides consulting services to help with any microwave components or systems design problems. Our steady growth over the past 13+ years has come about because we can provide complex, custom solutions for nearly ANY custom requirements that are presented us. In addition, we have the best assemblers, wires, and technicians in the industry and can provide contract assembly of customers' own designs. Click here to view AmpliTech video. Website: www.AmpliTechInc.com
Safe Harbor Statement:
With the exception of historical information contained in this press release, content herein may contain "forward looking statements" that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. Matters that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the gain or loss of a major customer, change in environmental regulations, disruption in supply of materials, a significant change in general economic conditions in any of the regions where our customer utilities might experience significant changes in electric demand, a significant disruption in the supply of coal to our customer units, the loss of key management personnel, failure to obtain adequate working capital to execute the business plan and any major litigation regarding the Company. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in the Company's periodic filings with the Securities and Exchange Commission.
